Nokia and Microsoft to complete acquisition deal in AprilWritten by Manish Singh on March 24, 2014 - 02:21AM @refsrc
On Sunday, Microsoft announced that its acquisition of Nokia will be completed by next month, that is April. The $7.2 billion buyout which was announced last September was originally stated to be completed by the end of the first quarter of 2014.
“Both the companies still seek approval from several authorities. While the two giants have received approval from US and European Union jurisdictions, some Asian authorities are still reviewing the buyout. We are nearing the final stages of our global regulatory approval process,” says Brad Smith, General Counsel and Executive Vice President, Legal and Corporate Affairs, in a blog post. “To date we have received approvals from regulatory authorities in 15 markets on five continents. Currently we are awaiting approval confirmation in the final markets.”
Nokia also confirms that this delay has got nothing to do with its ongoing disputes with the Indian government. “Nokia reiterates that ongoing tax proceedings in India have no bearing on the timing of the closing or the material deal terms of the anticipated transaction between Nokia and Microsoft”, states Nokia in a blog post.
Earlier, in September last year, Microsoft announced that it was buying Nokia’s devices and services division for a whopping sum of $7.2 billion. Nokia however, will retain its network infrastructure, HERE location and mapping unit and an intellectual property licensing division from the deal.